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of <h1>Resolution plan approval extinguishes pre-plan liabilities; reopening assessments under Section 147 barred, including government and statutory authorities</h1> <h3>Assistant /Deputy Commissioner Of Income Tax Circle 1 (1) Rajkot & Anr. Versus Ausil Corporation Private Limited.</h3> SC dismissed the special leave petition and declined to interfere with the HC's judgment holding that once a resolution plan is approved in insolvency ... Reopening of assessment u/s 147 subsequent to insolvency proceedings - as decided by HC [2024 (11) TMI 323 - GUJARAT HIGH COURT] no person would be entitle to initiate or continue any proceedings in respect of any claim for any dues relating to the period prior to approval of resolution plan. In view of approval of resolution plan, all liabilities of all stakeholders including that of Government/ Statutory Authority shall stand extinguished after approval of the resolution plan HELD THAT:- We are not inclined to interfere with the impugned judgment and order passed by the High Court. The special leave petition is, accordingly, dismissed. 'Delay condoned.' The Court declined to interfere with the impugned judgment and order of the High Court, stating that it is 'not inclined to interfere' and therefore 'The special leave petition is, accordingly, dismissed.' All pending applications, if any, 'shall stand disposed of.' The decision affirms the High Court's ruling and disposes of the petition in limine, leaving the High Court order intact and terminating related interlocutory proceedings.
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